Shortlist Media has confirmed that it will launch a free weekly women's magazine later in the year, to be called Stylist, with the former More! magazine editor Lisa Smosarski at the helm.

The Shortlist founder and chief executive, Mike Soutar, told MediaGuardian.co.uk that the magazine, which was codenamed Project Y, would launch by October with an initial circulation of around 400,000 as an "intelligent and entertaining weekly for affluent professional women".

Speculation has been rife that the new title, which has been eight months in the planning, would launch as a direct rival to the paid-for women's glossies Grazia and Marie Claire. It will be distributed on Wednesdays in six cities.

"The content will span a broad range of content from fashion and beauty through to newsy features and travel, careers and relationships," Soutar said.

"As well as short, snappy information and entertainment throughout its pages the magazine will have longer and more substantial pieces of journalism in its features well.

"Just as importantly as what the magazine will do, there are some important things it will never do: it will never publish unflattering paparazzi shots of celebrities looking their worst, never invent spurious stories about stars' relationships and never cynically exploit women's body anxieties."

The magazine will be the second launch from the former IPC Media executive's Shortlist Media and will be similarly backed by its original investors, the Beano publisher DC Thomson, the French Connection founder Stephen Marks and the film director and producer Matthew Vaughan.

Shortlist Media already publishes an award-winning weekly men's magazine, Shortlist, which launched in September 2007, and is distributed free in 10 cities around the UK and direct to a number of businesses.

The new title will initially distribute across six British cities, every Wednesday. Shortlist Media will almost double its staff of 26 in preparation for the launch.

"Shortlist is on track to break even by the end of August, a year ahead of schedule. It has been a critical and commercial success and the time is right for us to launch our next big project," Soutar said.

"We're looking to reach that community of hard-to-reach upscale, commuting professional women, ABC1 20-to 40-year-olds, with a free weekly magazine that will provide a mix of intelligent, witty and stimulating content."

The company, Soutar added, had also held talks about joint ventures for its titles in the Middle East, Europe and the US. However, conversations were at an early stage.

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